Archive for the Tax Planning Category

Extended Due Date to Furnish Forms 1095-B and 1095-C to Individuals

The IRS has issued Notice 2016-70 extending the due date for furnishing to individuals the 2016 Form 1095-B, Health Coverage, and the 2016 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2017, to March 2, 2017. Health insurers and applicable large employers are required,…

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House Passes Cures Bill Allowing Certain Small Business Sponsored HRAs

The House passed the much anticipated 21st Century Cures Bill (HR 34) on November 30 by a 392 to 26 vote. The bipartisan measure now heads to the Senate for consideration. Among its provisions, HR 34 would essentially exempt certain small employers who operate qualified Health Reimbursement…

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Year-end Tax Planning Strategies

As with prior years, 2016 year-end planning should start with data collection and a review of prior year returns. This includes losses or other carryovers, estimated tax installments, and items that were unusual. Conversations about next year should include review of any plans for significant purchases or…

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Is the Greatest Federal Income Tax Reform since Reagan Looming?

President-elect Donald Trump’s pick for Treasury secretary, Steven Mnuchin, has signaled in his first interview on polices under a Trump Administration, that taxpayers “should expect the largest tax change since Reagan.” Mnuchin, in his November 30 interview with CNBC, predicted that “we’re going to get to 15…

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IRS Announces Position on Unilateral APA Applications Involving Maquiladoras

In October, the Internal Revenue Service announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with Mexico’s national tax authority, the Large Taxpayer Division of Mexico’s Servicio de Administración Tributaria…

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TIGTA Releases Report on Implementation of Identity Theft Measures for 2016 Filing Season

The Treasury Inspector General for Tax Administration (TIGTA) has released a report regarding the implementation of new tax return-related data elements based on the 2015 Security Summit, Protecting Taxpayers from Identity Theft Tax Refund Fraud. TIGTA has concluded that tax-related identity thefts adversely affect the ability of…

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Temporary Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns a Disregarded Entity

The IRS has issued temporary regulations under Code Sec. 7701 to clarify that a disregarded entity that is treated as a corporation for employment tax purposes is not treated as a corporation for purposes of employing an individual who is a partner in a partnership that owns…

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President Signs Manufacturing Bill Designed To Cut Certain Import Taxes

President Obama signed into law the American Manufacturing and Competitiveness Act of 2016 on May 20. The bill was approved by the House on April 27th and passed the Senate on May 10th. The new law calls for a three-step process under the Miscellaneous Tariff Bill (MTB)…

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IRS Extends Filing Deadline for Taxpayers Affected by Severe Storms

On Wednesday, the IRS announced that affected taxpayers of the severe storms and flooding that took place beginning on April 17, 2016 who reside or have a business in Fayette, Grimes, Harris and Parker Counties may qualify for tax relief may qualify for tax relief from the…

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No Easy Fix to Overpayments of EITC

Senate Finance Committee Chairman Orrin G. Hatch, R-Utah, held a hearing on October 1 to examine solutions addressing overpayments of the Earned Income Tax Credit (EITC), as well as with Medicare and Medicaid, whose oversight is conducted by the committee. The Government Accounting Office (GAO) has reported…

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